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Wealthy car collectors shrugged off recession worries and spent over $460 million at classic car auctions in Monterey this weekend, according to insurance and lifestyle company Hagerty.
Over 790 cars sold at an average price of $590,700 at the auctions between Thursday night and Monday morning for a weekend total of $469 million, according Hagerty. The sales total smashed the previous sales record at Monterey, set in 2015 at $395 million.
The sales in Monterey and Pebble Beach, leading up to the Concours d’Elegance Sunday, mark the biggest test of the year for the classic-car market and suggest that wealthy collectors remain bullish despite recession fears and recent stock market…
Source cnbc.com
